Airdrie & Coatbridge Advertiser
Fund will back new businesses
A new £700,000 fund is being launched to support Monklands residents in setting up their own businesses.
It will offer grants of between £1000 and £2500 for essential costs and is aimed at those with a “robust, viable idea who need funding support to start trading”.
Opening for applications last week, the fund is provided jointly by North and South Lanarkshire councils and is being delivered with the help of Business Gateway Lanarkshire.
Funding is available for purchases including IT equipment, infrastructure costs, website design and stock, while the higher amounts will be provided for businesses renting commercial premises and employing staff.
Applicants will be able to reapply for a second payment after six months to help with working capital requirements, after being able to demonstrate “three months of trading and ongoing viability”.
Enterprises must supply a business plan and 12-month cashflow statement to apply, with more information being available from Business Gateway Lanarkshire when the fund opens.
North Lanarkshire depute leader Paul Kelly said: “Running your own business is a common ambition, and in Lanarkshire we want to help make that dream a reality for more people.
“Our new start-up fund will provide an important initial boost for people who have a strong business idea but don’t have the money to take it forward and, along with practical support from Business Gateway Lanarkshire advisers, we hope this will bring more new businesses to the area, creating jobs and prosperity.”
South Lanarkshire enterprise chair John Anderson added: “Supporting our entrepreneurs with new ventures is key to achieving our community wealthbuilding objectives and sustainable economic growth; and this new form of business funding will help us to accomplish these goals.”